The Clarity Act's Stalled Momentum
The Cryptocurrency Accountability and Responsible Innovation for Ledger (CLARITY) Act, which passed the House a year ago and cleared the Senate Banking Committee in May, continues to languish without a full chamber vote, according to reporting from multiple sources. The delay has prompted Republican Senator Cynthia Lummis to publicly criticize Democratic lawmakers for what she characterized as stalling tactics, raising questions about whether the bill can advance before the legislative window closes.
The gridlock reflects deeper disagreements about the bill's scope and focus. While pro-crypto advocates view the legislation as essential for establishing clear regulatory frameworks, various constituencies—from law enforcement agencies to banking industry groups—have raised objections that threaten to derail passage entirely. The SEC has even signaled it stands ready to implement its own crypto rules if the Clarity Act fails to reach President Biden's desk.
